Perpetua Resources has received up to $6.9m in additional funding from the US Army through the Defence Ordnance Technology Consortium (DOTC).
The funds will be used to test the feasibility of using material from Perpetua’s Stibnite Gold Project to produce military-specification antimony trisulfide.
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This funding is a continuation of the $15.5m awarded in August 2023 under an Ordnance Technology Initiative Agreement (OTIA).
The supplemental award will expand the research already under way and support the US Army’s goal of establishing a fully domestic “ground-to-round” antimony trisulfide supply chain.
The OTIA aims to fund the development and delivery of a flexible, modular pilot plant to the US Army to process antimony and other materials of interest to the Department of Defense (DOD).
Under the OTIA, Perpetua will be reimbursed on a cost-plus fixed fee basis through the end of 2026. The total funding of up to $22.4m under the OTIA may be adjusted by the DOTC as the programme progresses.
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By GlobalDataPerpetua is entitled to be reimbursed for all costs incurred under the agreement.
With this additional funding, Perpetua Resources will expand material sampling and enhance the pilot plant’s scope and size.
Perpetua Resources president and CEO Jon Cherry said: “We are honoured to continue our work with the US Army to secure a domestic source of antimony trisulfide.
“Advancing America’s capabilities to process minerals critical to national defence is essential for our long-term mineral independence and resilience. We are proud to play our part in furthering the Army’s ‘ground-to-round’ critical minerals strategy.”
This award is part of a broader partnership with the DOD to secure domestic sources of critical minerals. Perpetua has now received more than $80m in total from the Department of Defense.
The Stibnite Gold Project is expected to supply up to 35% of US antimony demand in its first six years, based on the 2023 US Geological Survey antimony commodity summary.
This funding comes at a critical time, as China, which dominates the global antimony market, ceased exports to the US in 2024.
The project will not only support national security but also generate jobs, improve water quality and address environmental issues at an abandoned mine site, according to the company.
Recently, Perpetua applied to the Export-Import Bank of the United States (EXIM) for up to $2bn in potential debt financing for the construction of the Stibnite Gold Project.
EXIM’s due diligence and review will follow to determine the project’s eligibility under its initiatives.
